Real Money

RigNet Announces Fourth Quarter And Full Year 2013 Earnings Results

Record quarterly revenue of $59.7 million, a 21.2% increase over the same quarter last year and a 5.0% increase over the previous quarter

Record quarterly Adjusted EBITDA of $15.2 million, a 28.7% increase over the same quarter last year and a 5.2% increase over the previous quarter

Excluding acquisition costs, quarterly net income attributable to common stockholders was $6.7 million, or $0.38 per diluted share, an increase of $0.17 per diluted share, or 77.6%, over the same quarter last year

HOUSTON, March 5, 2014 (GLOBE NEWSWIRE) -- RigNet, Inc. (Nasdaq:RNET), a leading global provider of remote communications services to the oil and gas industry, today reported results for the quarterly and full year periods ended December 31, 2013.

Record revenue of $59.7 million for the fourth quarter represents an increase of $10.4 million, or 21.2%, for the three months ended December 31, 2013, as compared to the same period of 2012, primarily due to increased sites served and increased revenue-per-site. Revenue increased by $2.9 million, or 5.0%, for the three months ended December 31, 2013, as compared to the previous quarter for the same reasons.

Record Adjusted EBITDA of $15.2 million in the fourth quarter, or 25.5% of revenue, represents an increase of $3.4 million, or 28.7%, over the same quarter last year and an increase of $0.8 million, or 5.2%, over the previous quarter. These increases are primarily due to growth in our core offshore business partially offset by costs associated with headcount additions to support our continued growth.

Net income attributable to common stockholders was $5.4 million, or $0.30 per diluted share, for the fourth quarter. This amount includes $1.3 million of acquisition costs associated with the purchase of Inmarsat's Energy Broadband business, which closed on January 31, 2014. Excluding acquisition costs, net income attributable to common stockholders was $6.7 million, or $0.38 per diluted share, an increase of $0.17 per diluted share, or 77.6%, over the same quarter last year and an increase of $0.09 per diluted share, or 30.6%, over the previous quarter.